HabariPay, a digital payments platform owned by Guaranty Trust Holding Company (GTCO), recorded remarkable financial performance in 2024, amid strategic fintech expansion.
According to the 2024 financial report, HabariPay’s gross revenue increased by 23% to N5.8 billion in 2024 from N4.7 billion recorded in 2023, underpinned by significant growth on all key income lines.
Announcing the report, the company stated,
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“Habari specializes in secure payment gateways that allow businesses to effortlessly make and receive payments, benefiting from an increasingly digital trend. By prioritizing the empowerment of businesses with essential tools for success in the digital age, Habari goes beyond merely enabling transactions, it actively contributes to economic growth and inclusivity across various sectors”.
A significant contributor to the fintech’s record profit was the substantial increase in the Total Payment Value (TPV) of Naira transactions processed. The TOV surged by over 170%, reaching N9.8 trillion in H1 2024, up from N3.6 trillion recorded for the entire year of 2023. Additionally, the TPV for Dollar transactions experienced growth m, standing at $1.2 million compared to $1.1 million in the corresponding period of the previous year.
HabariPay’s flagship platform, Squad, has been instrumental in this growth. Squad integrates payment processing and marketplace services tailored for small businesses, facilitating seamless transactions through various channels, including virtual accounts, USSD, cards, and bank transfers. The platform also offers value-added services such as bill payments and bulk SMS distribution, contributing to the company’s diversified income streams.
Launched in 2018, by GT Bank as part of its strategic push into the fintech space, HabariPay is emerging as a transformative player in the Nigerian financial technology arena, amid the increasing competition. Since its launch, the market response to the platform has been positive, as it continues to witness a steady adoption by businesses of different scales.
Recall that the fintech which started operation in June 2022, became profitable in the first month. GTco noted that it recorded N926 million in the first 6 months of its operations, while its revenue for the period stood at N1.52 billion. In 2023, Habari achieved a milestone of crossing N200 billion transactions in 2023.
For the full year 2023, it recorded N2.3 billion profit before tax, which was revealed by the company in its full-year 2023 financial presentation to investors. The fintech profit represents 147.9% growth when compared with N944.7 million it recorded in 2022. In addition, HabariPay’s international payment transactions value also jumped from $175,927 in 2022 to $2.3 billion in 2023.
HabariPay’s core business operations include a payment gateway – payments are processed via virtual accounts, USSD, card, and bank transfer channels. It also engages in switching verticals, value-added verticals – bill payments for airtime vending, and distribution of bulk SMS processed through Value Added Service Aggregators licensed by the Nigerian Communications Commission (NCC).
In line with its commitment to fostering technological advancement and nurturing young talent, HabariPay organizes the “Take on Squad Hackathon.” This annual event invites young innovators from universities and tertiary institutions across Africa to develop creative solutions addressing real-world challenges. The hackathon not only showcases emerging tech talent but also reinforces HabariPay’s dedication to empowering the next generation of tech leaders in Africa.
By leveraging GTCO’s extensive network and banking expertise, HabariPay aims to promote financial inclusion, drive digital payments, and support businesses throughout Africa. Its initiatives and products position it as a formidable competitor to existing fintech companies, contributing significantly to the evolving digital economy in the region.